Cloud-based BPM Software Propels Business Process Management Market Growth Amidst Security Challenges and Digital Transformation
The global Business Process Management (BPM) Market is experiencing rapid expansion, driven by a surge in the adoption of cloud-based BPM software and the increasing digitization of business processes. As organizations seek flexible and efficient IT solutions, cloud-based BPM has emerged as a game-changer, outperforming traditional BPM methods. Unlike its traditional counterparts, cloud-based BPM offers complete software functionality without the need for installation or maintenance, making it a preferred choice among businesses. Additionally, the low-code functionality of Software as a Service (SaaS) BPM platforms is empowering business units to drive process improvements, further fueling the adoption of cloud-based BPM solutions in the market.
Emerging Economies Embrace BPM for Growth
The adoption of BPM is on the rise in emerging economies, with nations like India and the Philippines playing pivotal roles in market growth. India, in particular, boasts a burgeoning BPM industry, employing over 1.4 million individuals as of February 2022, according to the India Brand Equity Foundation (IBEF). With supportive government regulations and a thriving IT sector, India held a 52% market share in service exports in 2020, solidifying its position as a global BPM hub. Companies like Infosys Limited and Tata Consultancy Services Limited, among others, are headquartered in India, contributing significantly to the industry’s growth.
The Philippines, equipped with a competitive IT infrastructure and favorable government tax policies, shares a similar growth trajectory in BPM adoption. These emerging economies represent a substantial portion of the market’s expansion.
Security Challenges Loom
Despite its growth, the BPM market faces significant security challenges. Malware, data theft, hacker attacks, and cyber threats pose substantial risks to BPM systems. Any security breach could have dire consequences, including reputational damage and financial losses for businesses. The Global DNS Threat Report 2020 estimates that security breaches cost companies an average of US$924,000 annually, emphasizing the critical importance of robust security measures.
COVID-19 Spurs Digital Transformation
The COVID-19 pandemic has accelerated the importance of BPM in facilitating digital transformation. As businesses adapt to evolving macroeconomic conditions, BPM solutions have emerged as key drivers for digital growth. A 2020 Accenture Technology poll found that 76% of businesses and executives believe that organizations must rethink their technology and business processes to align with a human-centric approach, further propelling the BPM market’s growth.
Digitization Drives BPM Expansion
Industries across the board are focusing on digitizing their business processes to enhance productivity and reduce time constraints. BPM solutions are at the forefront of this digital transformation, enabling automation, reducing human errors, and allowing for the creation of customized systems. These solutions empower end-users to modify business rules on the fly, promoting operational improvements without extensive IT intervention. As new opportunities for process optimization emerge, businesses can easily update their process models to incorporate enhanced features, fostering the widespread adoption of BPM practices.
AI-Powered BPM Solutions Take Center Stage
Artificial Intelligence (AI) is increasingly integrated into business operations, leading to improved processes and new business models. BPM solutions are harnessing the power of AI to mobilize resources, automate tasks, and enable self-service in previously inaccessible areas. Integrating AI with BPM software, often referred to as iBPMS (Intelligent Business Process Management Systems), enhances visibility into business operations, reduces errors, and elevates customer service quality. Organizations are leveraging AI to analyze vast data sets generated by BPM platforms, gaining insights into staff activity, consumer behavior, and service interactions. As a result, AI-based BPM solutions are poised to play a pivotal role in driving the BPM market’s growth.
Despite its potential, many industry verticals lack a comprehensive understanding of BPM. To address this, key market players are ramping up marketing and educational efforts to enlighten clients about the benefits and requirements of BPM systems. Educating sectors about the value of process management is crucial to unlocking the full potential of BPM solutions.
Platform Category Dominates
Within the BPM market, the platform category takes the lead, offering convenience and efficiency to consumers. BPM systems have revolutionized company processes, automating tasks that previously required human intervention. This has led to more efficient resource utilization, maintaining a balance between available resources and organizational needs. BPM software equips specialists with robust tools to create tailored business rules, promoting project-specific requirements.
Healthcare and Life Sciences Lead in BPM Adoption
The healthcare and life sciences sector leads in BPM adoption, driven by a need to enhance service quality, revenue cycle management, and foundational healthcare systems. Meanwhile, the banking and financial industry is leveraging BPM tools to support innovations like mobile banking, internet banking, and more, particularly in procurement, contracting, and lawsuit-filing processes.
North America Dominates with Technological Advancements
North America is expected to dominate the BPM market, driven by advanced technology adoption in commercial operations. The region benefits from the growing use of business process automation software in the United States, and its presence as a hub for industry leaders enhances the development of process modeling platforms. Additionally, the proliferation of cloud-based BPM platforms aligns with the region’s extensive use of cloud computing, as reported by IBM’s Institute for Business Value in 2019. This adoption is further fueled by the volume of data generated in the United States.
Asia Pacific Shows Promise
The Asia Pacific BPM market is poised for steady growth, driven by process management outsourcing services and substantial investments in boosting business productivity and efficiency. With China and India leading the way in BPM adoption, the region holds numerous growth prospects. Process modeling and automation are expected to play crucial roles in adapting to shifting market trends.
Global BPM Market: Competitive Landscape
The BPM market is characterized by robust competition, with key players including Accenture, Appian Corporation, Infosys Limited, IBM Corporation, Open Text Corporation, Kissflow Inc., Nintex Global Ltd., Software AG, Tata Consultancy Services Limited, Pegasystems Inc., Red Hat, Inc., SAP SE, and BP Logix, Inc. These companies continue to innovate and collaborate to enhance BPM solutions and address evolving market needs.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/business-process-management-market
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